Vancouver home sales prices jump as condo, townhome competition heats up: REBGV

The benchmark sales prices for both condos and townhomes jumped in August as competition increased: REBGV | BIV files

Metro Vancouver home sales surged in August as condo and townhome transactions saw increased competition, the Real Estate Board of Greater Vancouver announced September 5.

Sales in the month were 19.6% higher than the 10-year average for August. A total of 3,043 properties changed hands – a 22.3% increase compared with the 2,489 sales one year ago. This is also up 2.8% compared with July.

“First time homebuyers have led a surge this summer in demand in our condominium and townhome markets,” said REBGV president Jill Oudil.

“Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

Sales increased for all property types in the month, as did the benchmark home price. The number of detached unit sales increased 26% year-over-year, and the benchmark price increased a more modest 2.2%, reaching $1,615,100. This is up 0.2% compared with July.

Apartment sales grew 20.1% to a total of 1,613 sales, while the benchmark price grew 19.5% to $626,800. Compared with July, prices were up 1.7%.

A total of 529 townhomes were sold in the month – an increase of 22.7% compared with August 2016. The benchmark price increased 12.8% year-over-year and 1.9% compared with July, reaching $778,300.

Oudil said detached home prices are not experiencing as much upward pressure as competition isn’t as intense as in the markets for attached properties.

“Detached homes have entered a balanced market,” she said. “This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.”

REBGV compiles its data using the number of sales in Vancouver, West Vancouver, North Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, the Sunshine Coast and Squamish. They do not include Surrey or Langley.